According to a report from data analytics firm CryptoQuant, the approval of spot Bitcoin exchange-traded funds (ETFs) could lead to a $900 billion increase in Bitcoin's market capitalization and an additional $1 trillion growth in the overall crypto market. The report suggests that financial institutions offering Bitcoin access through spot ETFs could drive the next wave of institutional participation. Several major US financial institutions have already applied for regulatory permission to launch spot Bitcoin ETFs, with potential approvals expected by March 2024. The inflow of funds resulting from these approvals is predicted to surpass the capital inflow into the Grayscale Bitcoin Trust during the previous bull market cycle. CryptoQuant's report also suggests that if the issuers of these Bitcoin ETFs allocate just 1% of their Assets Under Management to these funds, it could bring around $155 billion into the Bitcoin market, potentially causing Bitcoin's price to surge to $73,000. The report notes that during previous bull markets, Bitcoin's market capitalization has expanded at a rate 3-5 times greater than its realized capitalization. The recent surge in Bitcoin's price to $30,000 following false rumors of a spot Bitcoin ETF approval indicates the speculative excitement surrounding such approvals and the potential for continued bullish momentum. The report also highlights the narrowing of the GBTC discount, showing growing optimism in the cryptocurrency market. Since January 2021, the total crypto market capitalization has surpassed $1 trillion, with Bitcoin comprising over 50% of the market.
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